Wholesale business Stax Trade Centres has, today, announced the completion of a deal to buy hardware and ironmongery importer and distributor MP Smith and Co Ltd, which has been a supplier to Stax for more than three decades.
The purchase is a strategic move by Stax to strengthen its supply chain, however, both companies will continue to operate as separate businesses. Stax purchasing director Simon Wright explained: “Although this is great news for both Stax and MP Smith, it will be very much business as usual for everyone involved.”
MP Smith was established in the mid-70s is known in the UK ironmongery sector for its brand name SECURIT. The business specialises in supplying hardware and DIY wholesalers and prepackers throughout the UK and Europe, operating from a 50,000sq ft distribution centre in Brighouse, West Yorkshire. Company founder, Mike Smith, was very keen that any sale would ensure that the company name and reputation would continue after his retirement.
“MP Smith has been a supplier to Stax for over 30 years, and it will continue to operate and supply the wholesale trade exactly as it has done previously,” said Mr Wright, adding that customers should not expect any disruption to service and will still be dealing with the existing MP Smith team.
“Making MP Smith part of the wider Stax organisation simply makes our supply chain even more robust and allows us to continue offering our retail and trade customers a very successful range of hardware and security products under the SECURIT brand.”Stax was advised on the purchase by Phillip Ball at Myerson Solicitors, and Stephen Verber and John McCaffrey at Alexander & Co Financial and Tax advisors.